The Real Cost of Homeownership: What to Expect in Your First Year
Did you know, the average homeowner spends about £10,000 on home improvements and repairs in the first year of ownership. However, it's important to note that this number can vary widely based on several factors, including the age and condition of the home, its location, and the individual needs and preferences of the homeowner.
Why do new homeowners need to spend money on repairs?
When you buy a second hand home, you're likely to encounter some maintenance issues that need to be addressed. Even if the previous owners took good care of the property, wear and tear is inevitable over time, and some things may need to be fixed or upgraded.
Some of the most common issues that new homeowners of second hand properties face:
Fixing leaks: Whether it's a leaky faucet, a running toilet, or a more serious plumbing issue, leaks can be a common problem in second hand homes. Fixing leaks promptly can prevent water damage and help you save money on your water bill.
Repairing or replacing the roof: Depending on the age and condition of the roof, you may need to repair or replace. This can be an expensive repair, but it's important to address any issues to prevent further damage to your home.
Upgrading the heating and cooling system: If your new home has an outdated heating and cooling system, you may want to consider upgrading it for better energy efficiency and improved comfort. This can be a major expense, but it can also help you save money on your energy bills over time.
Addressing pest infestations: This can involve hiring an exterminator or taking other steps to keep pests at bay. Whilst pest infestations are extremely uncommon in new builds, older properties often have nooks and crannies that make for great homes for pests.
And don’t forget these!
Furnishing and decorating the home: Depending on the condition of the home and your personal style, you may need to purchase new furniture, decor, and other items to make the space feel like your own.
Landscaping and outdoor maintenance: If your new home has a yard or outdoor space, you may need to invest in landscaping or other maintenance tasks to keep it looking its best.
Service Charges: If your new home is a leasehold property, you may need to pay monthly or annual fees to cover the cost of community amenities and communal maintenance tasks.
Property taxes: Property taxes such as stamp duty can be a significant expense for new homeowners, so it's important to budget for them accordingly.
How can new homeowners prepare for these expenses?
To prepare for the expenses of homeownership, new homeowners should start by creating a budget and setting aside funds for unexpected repairs and maintenance issues. It's also a good idea to get a professional inspection of the home before you buy it, so you can identify any potential issues and budget accordingly.
Additionally, homeowners can take steps to prevent some common issues from occurring in the first place. For example, regularly cleaning gutters and downpipes can help prevent water damage and leaks, while installing a Smart thermostat that you can control from your phone, can help you save money on your energy bills.
Buying a new property can often reduce unexpected maintenance costs as new homes typically come with updated systems and appliances that are less likely to break down or require repairs. Additionally, new homes often come with warranties from the developer, which can cover any potential issues during the first few years of ownership.